Page:United States Statutes at Large Volume 101 Part 2.djvu/264

 101 STAT. 1250

PUBLIC LAW 100-181—DEC. 4, 1987

under that contract by or on behalf of the Securities and Exchange Commission— "(A) for the receipt of filings under Federal securities laws, and "(B) for the automated acceptance and review of the filings ^ and information derived from such filings. Reports. "(b) The Commission shall submit a report to the Committees on Banking, Housing, and Urban Affairs and Governmental Affairs of the Senate and the Committees on Energy and Commerce and Government Operations of the House of Representatives on the status of EDGAR development, implementation, and progress at sixmonth intervals beginning December 31, 1987, and ending at the, close of 1990 (unless otherwise extended by the Congress). Such report shall include the following: "(1) The overall progress and status of the project, including achievement of significant milestones and current project schedule. "(2) The results of Commission efforts to test new or revised technical solutions for key EDGAR functions. In particular, the Jjft following functions shall be addressed and the indicated information provided: "(A) Automating receipt and acceptance processing, including— "(i) development and testing progress and results; "(ii) actual versus estimated development cost; and "(iii) actual effect of this function on Commission & staff needs to assist filers. "(B) Data tagging (identifying financial data for analysis by EDGAR), including— "(i) description of the approach selected, identifying - d '> the types of financial data to be tagged and the calculations to be performed; "(ii) comments by the filer population on the ap.. < proach selected; "(iii) the results of testing this approach, including .&:. *. < information on the number of filers taking part in the test and their representativeness of the overall filer population; (iv) actual versus estimated development cost; and "(v) effect of implementing this function on EDGAR benefits. i ^ "(C) Searching text for keywords, including— "(i) the technical approach adopted for this function; "(ii) development and testing progress and results; "(iii) data storage requirements and search response times as compared to EDGAR pilot system experience; I A* "(iv) actual versus estimated development cost; and "(v) effect of implementing this function on EDGAR »K;,- '"'^- •• ' benefits. "(3) An update of cost information for the receipt, acceptance and review, and dissemination portions of the system including a comparison of actual costs with original estimated costs and revised estimates of total system cost and total funding needs for the contract. "(4) The status of Commission efforts to obtain and maintain staff with the proper contractual, managerial, and technical expertise to oversee the EDGAR project.

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